VTEAX vs. NMTRX

Last updated Aug 5, 2026

VTEAX (Vanguard Tax-Exempt Bond Index Fund Admiral Shares) and NMTRX (Nuveen Municipal Total Return Managed Accounts) are both Municipal Bonds funds. Over the past 10 years, VTEAX returned 1.90%/yr vs 2.09%/yr for NMTRX. Their correlation of 0.86 means they have usually moved in the same direction. VTEAX charges 0.07%/yr vs 0.05%/yr for NMTRX.

Performance

VTEAX vs. NMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEAX achieves a 0.40% return, which is significantly lower than NMTRX's 1.25% return. Over the past 10 years, VTEAX has underperformed NMTRX with an annualized return of 1.90%, while NMTRX has yielded a comparatively higher 2.09% annualized return.

VTEAX

• 1D: 0.08%
• 1M: -1.70%
• 6M: -0.42%
• YTD: 0.40%
• 1Y: 4.83%
• 3Y*: 3.30%
• 5Y*: 0.59%
• 10Y*: 1.90%
• ALL TIME*: 2.34%

NMTRX

• 1D: 0.00%
• 1M: -2.16%
• 6M: 0.55%
• YTD: 1.25%
• 1Y: 6.41%
• 3Y*: 3.80%
• 5Y*: 0.03%
• 10Y*: 2.09%
• ALL TIME*: 3.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NMTRX Nuveen Municipal Total Return Managed Accounts	$0.00	$0.00	$0.00
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares	$0.00	$0.00	$0.00

VTEAX vs. NMTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares	0.40%	3.67%	1.63%	6.39%	-8.21%	1.43%	4.97%	7.45%	0.99%	4.94%
NMTRX Nuveen Municipal Total Return Managed Accounts	1.25%	3.90%	1.99%	6.21%	-11.98%	2.69%	5.25%	9.26%	1.06%	7.41%

Correlation

The correlation between VTEAX and NMTRX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Aug 31, 2015	0.86

The correlation between VTEAX and NMTRX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

VTEAX vs. NMTRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTEAX

VTEAX Risk / Return Rank: 67
VTEAX Sharpe Ratio Rank: 83
VTEAX Sortino Ratio Rank: 80
VTEAX Omega Ratio Rank: 91
VTEAX Calmar Ratio Rank: 43
VTEAX Martin Ratio Rank: 38

NMTRX

NMTRX Risk / Return Rank: 80
NMTRX Sharpe Ratio Rank: 87
NMTRX Sortino Ratio Rank: 91
NMTRX Omega Ratio Rank: 94
NMTRX Calmar Ratio Rank: 68
NMTRX Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTEAX vs. NMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VTEAX	NMTRX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.20	-0.18
Sortino ratio: Return per unit of downside risk	2.82	3.43	-0.61
Omega ratio: Gain probability vs. loss probability	1.47	1.53	-0.05
Calmar ratio: Return relative to maximum drawdown	1.87	2.47	-0.60
Martin ratio: Return relative to average drawdown	6.00	8.59	-2.59

VTEAX vs. NMTRX - Sharpe Ratio Comparison

The current VTEAX Sharpe Ratio is 2.02, which is comparable to the NMTRX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of VTEAX and NMTRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTEAX vs. NMTRX - Drawdown Comparison

The maximum VTEAX drawdown since its inception was -12.75%, smaller than the maximum NMTRX drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for VTEAX and NMTRX.

Drawdown Indicators

	VTEAX	NMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-12.75%	-16.36%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-2.65%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-5.46%	-5.77%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-12.62%	-16.25%	+3.63%
Max Drawdown (10Y) Largest decline over 10 years	-12.75%	-16.36%	+3.61%
Current Drawdown Current decline from peak	-1.75%	-2.16%	+0.41%
Average Drawdown Average peak-to-trough decline	-2.24%	-2.89%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.76%	+0.07%

Volatility

VTEAX vs. NMTRX - Volatility Comparison

Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX) have volatilities of 0.92% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEAX	NMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.90%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	2.39%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.46%	2.97%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.63%	4.05%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	4.40%	-0.73%

VTEAX vs. NMTRX - Expense Ratio Comparison

VTEAX has a 0.07% expense ratio, which is higher than NMTRX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTEAX vs. NMTRX - Dividend Comparison

VTEAX's dividend yield for the trailing twelve months is around 3.39%, less than NMTRX's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMTRX Nuveen Municipal Total Return Managed Accounts	4.31%	4.46%	3.55%	3.67%	3.28%	2.73%	2.92%	3.20%	3.47%	3.28%	3.71%	3.91%
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares	3.39%	3.26%	3.36%	2.98%	2.05%	1.60%	1.97%	2.27%	2.24%	1.95%	1.67%	0.59%

Frequently Asked Questions

Can I hold both VTEAX and NMTRX in my portfolio?

VTEAX and NMTRX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTEAX or NMTRX?

VTEAX has higher volatility (0.92%) compared to NMTRX (0.90%). In terms of maximum drawdown, VTEAX dropped -12.75% vs NMTRX's -16.36%.

Which has better risk-adjusted returns?

NMTRX currently has the higher Sharpe Ratio (2.20 vs 2.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.